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Marc, a single taxpayer, earns $60,000 in taxable income and $5,000 in interest from an investment in city of Birmingham bonds. Using the U.S. tax rate schedule for year 2020, what is his current marginal tax rate

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Answer: 22%.

Explanation:

The 2020 Tax schedule is attached.

The interest from the investment in the city of Birmingham bonds is tax free as this is a Municipal bond.

Taxable income is therefore $60,000.

This put Marc in the 22% bracket which is for incomes between $40,126 and $85,525.

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